• Price now trades in the range above the resistance level.
• The crypto is in a strong up move. Buyers are in control of the market trading in the upper resistance level.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $280, $300, $320
• Support levels: $110, $100, $80
The coin continues in a bullish trend zone in its medium-term outlook. Ethereum is forming an ascending triangle and looks bullish.
The bearish momentum returns within the range yesterday after a drawdown of $256.30 in the support area by the bears. With the formation of a bullish marubozu candle, $262.13 the price rises to $276.20 in the resistance area during the yesterday session.
The daily opening candle today at $275.59 in the support area is bearish. This further drops to $266.06 in the support area.
With the price above the two EMAs and the stochastic signal pointing up at around level, 71% suggest that ETHUSD momentum in price is in an uptrend in the medium-term perspective.
ETH/USD Short-term Trend: Bullish
ETHUSD short-term outlook continues in a bullish trend market. The close of the 4-hourly session yesterday candle $275.59 with a wick suggests exhaustion of the bullish momentum hence the bears’ brief return.
The bears’ pressure on the cryptocurrency at $275.29 in the support area led to a drop in price as the 4-hourly session opens today.
The crypto further drops to $266.06 in the support area. Price is above the two EMAs and trades around the resistance area within the range imply the momentum in price of the coin is in an uptrend.